Answer
$30,324.28$
Work Step by Step
To calculate the amount $A_f$ of an annuity we will use the formula:
$$A_f=R\dfrac{(1+i)^n-1}{i},$$
where $R=1000$, $n=16$ and $i=0.08$.
Calculate $A_f$:
$$A_f=1000\dfrac{(1+0.08)^{16}-1}{0.08}=30,324.28$$
College Algebra 7th Edition
by Stewart, James; Redlin, Lothar; Watson, Saleem
Published by
Brooks Cole
ISBN 10:
1305115546
ISBN 13:
978-1-30511-554-5
Chapter 8, Sequences and Series - Chapter 8 Review - Exercises - Page 641: 64
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